Organizations need to invest time and effort to come up with innovative names for employee recognition programs as one of the first steps towards developing an effective employee recognition program. A unique, innovative, and relevant program name is likely to generate more interest and engagement in the program from the employees.
Traditionally, regarded as a ‘no-brainer’ form of reward, cash rewards are falling out of favor of employees, reducing their impact on employee motivation. It is time for organizations to move away from the tradition of cash rewards and consider adopting more diverse forms of non-monetary rewards that are likely to be more effective in driving employee motivation.
Organizations need to understand that successful employee reward programs do not need hefty budgets; what is required is an efficient and effective reward system that ensures that employees are rewarded in a meaningful way for their good performance without any delay.
The award certificate represents the extra mile that an employee has gone for the organization and the acknowledgement of the same by the organization. At the same time, is aspirational for other employees who feel motivated to work harder and perform better to get the same treatment. The award certificate makes the employee feel valued and special.
There are several reasons why non-monetary rewards are gaining more and more popularity with organizations and are perceived as more effective than the traditional monetary awards or so-called cash awards. Non-monetary rewards are likely to offer better results in terms of greater engagement, higher retention, and increased productivity.